Berlin Packaging term loan priced at Libor plus 325 bps at 99.5

By Paul A. Harris

Portland, Ore., March 5 – Berlin Packaging LLC finalized its $500 million seven-year covenant-lite first-lien term loan B (B3/B-) with an interest rate of Libor plus 325 basis points and an original issue discount of 99.5, according to a market source.

There is a 0.5% Libor floor.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Of the total term loan amount, $100 million is delayed-draw.

Morgan Stanley Senior Funding Inc., Barclays, Goldman Sachs Bank USA, Jefferies LLC and MUFG are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to refinance an existing first-lien euro term loan, refinance a portion of an existing second-lien term loan and fund cash to the balance sheet.

Berlin Packaging is a Chicago-based hybrid packaging supplier.

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